Awac Eyes Vietnam Mining

Alcoa World Alumina & Chemicals (Awac) has signed a co-operation agreement with...

Alcoa World Alumina & Chemicals (Awac) has signed a co-operation agreement with state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin) to study two bauxite mining and alumina refinery projects in southern Vietnam.This joint venture comes as nothing new to Awac, itself a joint venture between Alumina Limited (formerly WMC Limited), consisting of a 40% share and Alcoa, with a 60% share. Alcoa acts as the day-to-day manager.Under the co-operation agreement, Awac will work to acquire a 40% stake in the Nhan Co bauxite mine and a 600,000tpa alumina refinery to be constructed in the central Vietnamese highlands of Dak Nong.When complete, 40% of the joint stock company will be owned by Awac, 51% by Vinacomin and 9% by various other investors. Both Awac and Vinacomin have also agreed to conduct a feasibility study on the Gia Nghia bauxite mine and alumina refinery project, also in the Dak Nong province, with initial capacity expected at 1.5 million tpa of alumina.